Confidential filing for initial public offerings has gained significant traction over the past couple of years, with over 20% of companies taking this route in the first five months of 2026. According to an analysis by Prime Database, the number of confidential filings rose sharply from 29 out of 260 IPO filings in 2025 (11.15%) to 15 out of 66 filings in 2026 till May 19 (22.73%). In comparison, only two out of 157 IPO filings in 2024 had opted for the confidential route.
Issues filed through the confidential route accounted for an estimated ₹87,256 crore out of the total IPO pipeline of ₹3.97 lakh crore in 2025, or around 22%. In 2026, the share increased further to 27.45%, with confidential filings amounting to ₹38,716 crore out of the total ₹1.41 lakh crore IPO pipeline as of May 19. Since 2024, 46 companies have filed confidentially for IPOs, with eight companies already listed, including Swiggy, PhysicsWallah, Tata Capital, Billionbrains Garage Ventures and Meesho. Sixteen companies are awaiting regulatory approval for their IPOs, while 20 currently hold a valid approval to launch their public issues.
Market participants said the growing preference for confidential filings stems largely from the strategic advantages the route offers during uncertain market conditions. According to Gaurav Bhandari, CEO of Monarch Networth Capital, companies are increasingly choosing the confidential IPO route because it provides greater flexibility in a volatile environment. The mechanism allows firms to remain IPO-ready without immediately disclosing financials, valuation expectations or business strategies to competitors and the broader market. Uday Patil, Executive Director of PL Capital, noted that confidential filings help companies protect sensitive business information and reduce reputational risks in case IPO plans are delayed or withdrawn.
Uday Patil from PL Capital added that the route offers a longer validity period for launching IPOs — 18 months compared to 12 months under the regular filing process — enabling companies to privately assess regulatory and investor feedback. Ratiraj Tibrewal, CEO of Choice Capital, said the confidential IPO filing route is expected to gain further traction amid the ongoing West Asia conflict and elevated market uncertainty, particularly among technology and new-age companies that are more sensitive to geopolitical developments and investor sentiment.
Pranav Haldea, Managing Director of Prime Database Group, said volatility in the secondary market often spills over into the primary market, limiting visibility on IPO launch timelines. As a result, companies — especially new-age businesses with unique business models — prefer confidential filings as they allow company data to remain private for a longer period. Industry experts noted that while traditional industrial companies may continue to prefer public filings to build investor visibility ahead of IPO launches, companies operating in more volatile sectors are increasingly opting for confidential filings because of the flexibility and privacy they offer.
